Naira Strengthens to N1,620/$ in Parallel Market

Yesterday saw the naira appreciate to N1,620 per dollar within the parallel market, a rise from N1,625 per dollar recorded on Monday. In contrast, the naira depreciated in the Nigerian Foreign Exchange Market (NFEM), settling at N1,598.69 per dollar, down from N1,597 per dollar the day before, marking a N1.69 depreciation.

This shift has led to a reduction in the disparity between the parallel market and NFEM rates, which has contracted from N28 per dollar on Monday to N21.31 per dollar.